Financial info site Bankrate (NSDQ: RATE), considered to be something of a key bellwether given its reliance on the mortgage market, reported Q4 revenues of $25.2 million, a 22 percent year-over-year increase from $20.7 million. Net income increased 5 percent to $4.1 million ($.21 per share) from $3.9 million ($.21 per share). It was a record quarter for the company, and it actually raised its outlook for the year, but the market is spooked by an earnings miss and this line from CEO Thomas Evans: “It was an unusual quarter in that we had two record months followed by a soft December, when several display advertisers canceled booked business in that month as a result of anxiety in the mortgage and financial sectors.” The stock is down over 8 percent after hours, after falling by 5.6 percent during the day, for a total drop of nearly 14 percent — it appears news of the release leaked early, since the stock cratered in the final few minutes of the day.
In addition to reporting earnings, the company announced two acquisitions after the bell:
— Insurance site InsureMe.com for up to $85 million including $20 million in potential earn-outs.
— Fee Disclosure, a site all about mortgage fees, for $2.85 million.
Englewood, CO-based InsureMe has been around since 1993, while Fee Disclosure launched in 2005.